Weir and Olayan announce key milestone
Summary by AI BETAClose X
14 January 2026
Press Release
Weir and Olayan Saudi Holding Company strengthen commitment to Saudi Arabia's mining industry, achieving key milestone in establishment of joint venture
Riyadh, Saudi Arabia - 14 January 2026 - The Weir Group PLC and Olayan Saudi Holding Company today announced the signing of the shareholders' agreement to establish a joint venture in the Kingdom of Saudi Arabia, marking a significant milestone in their collaboration to provide advanced mining technology solutions.
The announcement was formally unveiled at the Future Minerals Forum in Riyadh, reflecting both companies' commitment to serving Saudi Arabia's rapidly expanding mining sector.
Mining is a key strategic sector under the Kingdom's Vision 2030, and the joint venture will combine the respective strengths of both organisations to support sustainable growth in this industry. Weir brings its global leadership in mining technology, including expertise in comminution, separation, and tailings solutions, along with its WARMAN® slurry pumping technology. Olayan Saudi Holding Company contributes deep local market knowledge and established business capabilities within the Kingdom.
This formal joint venture builds upon a longstanding relationship between the two companies. Together, they will offer integrated solutions that align with the objectives of Saudi Arabia's mining ecosystem and broader economic diversification goals.
Following the initial announcement of their intention to form a joint venture at the 2025 Future Minerals Forum, both organisations have worked over the past year to finalise the necessary steps for effective collaboration. The shareholders' agreement is now signed, and the companies anticipate the joint venture to commence operations by the end of Q1 2026, pending customary government approvals.
Commenting on the announcement, Jon Stanton, CEO of Weir, said: "We are proud to have signed the shareholders' agreement with Olayan Saudi Holding Company, marking a significant step in establishing our joint venture to support the Kingdom of Saudi Arabia's rapidly developing mining industry. By combining Weir's technology leadership in sustainable mining with Olayan's deep local expertise, this agreement strengthens our ability to serve customers and drive growth, build local capability, and contribute to the success of Vision 2030."
Also commenting on the agreement, Salih Merghani, Chief Operating Officer at Olayan Saudi Holding Company, said: "This agreement represents a key step toward developing a localised mining value chain in the Kingdom. Partnering with Weir allows us to bring world-class mining technologies and products into Saudi Arabia while leveraging our deep local expertise to drive their integration and delivery within the local market. This joint venture aligns strongly with our commitment to enabling industrial growth and supporting the goals of Vision 2030."
About The Weir Group PLC
Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology and digital solutions enable critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. The Group has c.12,000 employees operating in over 50 countries with a presence in every major mining region of the world. Find out more at www.global.weir.
Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).
About Olayan Saudi Holding Company
Olayan Saudi Holding Company's journey into existence began in 1947 when its founder, Suliman S. Olayan, established his first company, which later became one of many that comprise Olayan Saudi Holding Company, a Saudi-based diversified business enterprise with commercial and industrial operations spread across Saudi Arabia and the wider Middle East and North Africa regions. The company's portfolio includes more than 25 companies operating in five sectors, namely, energy, information and communications technology (ICT), health and personal care, food and beverages, and restaurants.
A partner of choice for over 75 years and an employer of choice to over 14,000 qualified professionals from different nationalities and backgrounds in its inclusive and diverse workplaces. With a commitment to a responsible and sustainable approach to business, Olayan Saudi Holding Company has a strong focus on its environmental and social impact and ensures the highest level of governance. Olayan Saudi Holding Company proudly invests in local businesses and suppliers and actively contributes to the development of the Saudi market and its industries, having introduced many major international brands and manufacturing industries that touch almost all aspects of life.
|
Enquiries: |
|
|
Investors: Philip Carlisle |
+44 (0)141 308 3617 |
|
Media: Sally Jones |
+44 (0)141 308 3666 |
|
CDR: Claire de Groot
|
+44 (0) 207 638 9571 weir@cdrconsultancy.com
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 3 hours ago Johnson Matthey
- 5 hours ago Galliford Try
- 5 hours ago Galliford Try
- 5 hours ago Centrica
- 6 hours ago Smith & Nephew